Six Holes Completed On Exploration Targets At Omai Gold Project

TORONTO - Omai Gold Mines Corp. reported on its Omai gold project in Guyana. Six holes have been completed on exploration targets to date in 2023, totaling 1,364 meters. A work break in March was extended pending the delivery of a new diamond drill that will improve drilling capabilities and productivity. The new drill arrived in mid-April and drilling has recommenced as planned, starting with the Broccoli Hill and Boneyard targets.

Drilling at Wenot with the second rig is expected to commence. This follows a detailed review of the Wenot open-pittable resource model, including creation of lens-specific grade x width models which indicate potential for continued strong drill results which could lead to an expansion of the Wenot mineral resource. Approximately 3,600 m remains to be drilled in the current planned program. One rig will be dedicated to testing open-pit extensions to the Wenot Deposit, while the smaller rig will test exploration targets outside of the known deposits.

Elaine Ellingham, President and CEO, said, "The Omai project has repeatedly exceeded our expectations, culminating in the significant NI43-101 Mineral Resource Estimate filed in December. Our current detailed modeling of the Wenot Deposit reinforces the excellent potential to add additional resources that could be pit accessible. With the new indicated resource of 1,907,600 ounces of gold at an average grade of 2.07 g/t and inferred of 1,777,600 ounces of gold at an average grade of 2.10 g/t1, we believe Omai can advance quickly, particularly with the support that the Guyana government has shown for the Omai project.

We have commenced studies that will assist in understanding key aspects of re-developing this brownfields project and would support a future preliminary economic assessment. Historical production results, including metallurgy and mill recoveries, are expected to be reliable indicators for a future mining operation, given that the new resources are extensions of the previously mined deposits. Improvements in logistics, including planned power lines and the paving of the access road to within 10 km of site, will reduce the construction and operating costs of a future mine. With tangible results in hand, the Omai project is well positioned to advance, particularly in the current environment."